Fortescue Future Industries (FFI) and the Kingdom of Jordan are partnering to conduct studies with a view to developing green hydrogen production through potential large-scale wind and solar energy production facilities.
The partnership between Jordan and FFI is the first step in establishing the country''s first ever production of green hydrogen and green ammonia and will position Jordan to become a future leader in renewable energy production.
The Jordanian Minister of Environment Dr Muawieh Khalid Radaideh said: "This is an exciting opportunity for Jordan to become a leader in the green energy sector through the creation and exportation of green hydrogen.
"Because of the abundance of both solar and wind power we can create in the Kingdom, Jordan has incredible renewable energy potential, as well as the potential to become a leader in producing and exporting green hydrogen and green ammonia.
"The creation of renewable energy production facilities will increase economic opportunities across Jordan, benefitting local communities and the Kingdom as a whole. This has the potential to benefit beyond the Kingdom, into the region and the global community, not only economically, but environmentally."
"The only way to stop global warming is through practical, implementable solutions and this partnership will play an important role in utilising the great potential for renewable energy in the Kingdom of Jordan."
"The world has come together here at COP26 to solve the climate crisis, and that needs real, concrete actions. FFI is committed to building thriving communities by delivering social, environmental and economic benefits, and we look forward to working with the Kingdom of Jordan in this new venture.”
The Framework Agreement, signed by both parties, sets the groundwork for FFI to study the possibilities of large-scale solar and wind production. The Framework Agreement provides FFI with a minimum initial area of land for preliminary studies comprising 450 square kilometres for potential solar production, 1,000 square kilometres for potential wind energy production, and 1.5 square kilometres within an industrial zone for potential downstream production facilities.
Depending on the outcome of FFI''s studies, the parties may then negotiate the terms of an Investment Agreement to develop and construct a green hydrogen and/or green ammonia production facility on that land.
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IFC, a member of the World Bank Group, has arranged a financing package of up to $188 million for the largest solar photovoltaic (PV) power plant in Jordan to date—the latest in a series of efforts to boost renewable energy investments in a country faced with increased energy demand, in part driven by the growing refugee crisis.
The financing package for the 248-megawatt Baynouna facility developed by Masdar, Abu Dhabi Future Energy Company, includes $54 million from IFC''s own account and $134 million mobilized from other senior lenders including a parallel loan from Japan International Cooperation Agency (JICA). This is the first time JICA has invested in a private project finance transaction in the region. Other lenders include Dutch Development bank FMO and Europe Arab Bank as B lenders and OFID, the OPEC Fund for International Development and German development bank DEG as parallel lenders.
"The diversity of financial institutions supporting Baynouna illustrates both IFC''s successful track record with the private sector in emerging markets over the last 60 years and the strength of its commitment to best practice," said Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar. "With backing now secured from lenders in Asia, Europe and the Middle East, the significant global interest in commercial renewable energy in Jordan and the MENA region is clear."
"Renewable energy is a pillar of IFC''s work, in the region and beyond. We have already financed several major projects, encouraging private investment in the sector and pioneering innovative financing models," said Mouayed Makhlouf, IFC Director for the Middle East and North Africa. “We stand ready to support Jordan in meeting its growing energy needs and becoming a model for renewable energy investments."
Fotowatio Renewable Ventures (FRV), part of Abdul Latif Jameel Energy and a leading global developer of utility-scale renewable projects, has inaugurated the Mafraq I and Empire photovoltaic solar plants of 50 MW AC each.
In line with NEPCO''s ambition to boost the role of renewable sources in Jordan''s energy mix, Mafraq I and Empire photovoltaic solar plants which are already under operation, supply approximately 1.5 per cent of Jordan''s total power generation capacity: an important contribution towards Jordan''s goal to deliver 10 per cent of the country''s total power generation through clean energy by 2020.
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